However, our team also researched other institutions and found some good alternatives for people that want to consider all options before they begin the process of refinancing or consolidating student loans. If you’re concerned about lowering your monthly loan payments, consolidation could be a good option for you.
You can find each lender below, along with information on rates, terms, and other key details. But remember, lowering your monthly payments could mean that you end up paying more in interest overall.
Student loan refinancing: Refinancing is when a student loan lender buys out your existing loans, and gives you a single new loan with a potentially lower interest rate.
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The loans that were consolidated are paid off and no longer exist.
Once your loans are combined into a Direct Consolidation Loan, they cannot be removed.
Student loan consolidation: Consolidation is the process of combining your government loans so that you can make a single monthly payment.
Should I refinance my student loans with fixed or variable interest rates? How do I consolidate or refinance my student loans? How much can I save by refinancing my student loans?
Instead, you should look at options to avoid a default on student loan debt.
We recommend the lenders above because we thoroughly evaluated them. Can I consolidate private and federal loans together? You can also extend the term of your loan, at the same interest rate.
You can see the full list of lenders below, but we recommend you start here, and check rates from the top 4 national lenders offering the lowest interest rates.
These 4 lenders also allow you to check your rate without impacting your score (using a soft credit pull), and offer the best rates of 2017: If you are in financial difficulty and can’t afford your monthly payments, a refinance is not the solution.
While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products."Advertiser Disclosure Tuesday, August 8, 2017 The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.
Are you tired of paying a high interest rate on your student loan debt?
The result is a single monthly payment instead of multiple payments. Direct PLUS Loans received by parents to help pay for a dependent student’s education cannot be consolidated together with federal student loans that the student received.